Ylarbmik, Home Owner in Rock Hill, SC

Is the market improving in Rock Hill? Just wanting to know if we should still rent our house out or sell it?

Asked by Ylarbmik, Rock Hill, SC Tue May 24, 2011

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Hi,

There have been some good observations by other real estate professionals in this forum so far.

By your questions, it seems that your home may already be rented out and occupied or that you have rented it out in the past. If you have been renting it and you are in a position to be patient and hold tight for awhile, not in a dire need to pull any equity out of the home or you are not strapped with a payment that you cannot bear, you may be better served to wait it out.

As Mr. Reeves has stated, "everyone's situation is different" and without intimate knowledge of your situation, it is impossible for a Realtor® or anyone to give you the proper guidance to make a decision.

The market is slowly improving, but pricing is still low compared with recent years. Right now it's a great time to buy, which unfortunately doesn't usually bode well for sellers. However, you may have a strategy to buy another home after the sale, and that may be a great opportunity to get into the perfect property at a fantastic price and interest rate.

I recommend that you consult with your tax and financial consultant about the differences in tax burden for an owner occupied primary residence and a rental home. They are significant. Ballpark-2 1/2 times the cost. This is usually a good reason to sell for many homeowners.

My best to you in your decision making!
0 votes Thank Flag Link Wed May 25, 2011
To answer your first question - Yes, the market is improving. With the second, to Rent or Sell is based on how you want to handle the asset which is the house. Everyone's situation is different and everyone has different objectives. I would recommend you ask that question of your financial advisor and then consult a property management company if renting the asset is preferred, or consult a REALTOR if selling the asset is the way you feel you should go. Your REALTOR can give you a good idea of the market conditions at that time including the estimated length of time to sell and close on the property, as well as estimate your net proceeds from that sale. We can help with either renting the property or selling it. Our web site for helpful info is: http://www.erareeves.com and our Property Management web cite is: http://www.reevespropertymgmt.com. Wishing you success!
0 votes Thank Flag Link Wed May 25, 2011
Good question. Many factors go into deciding to sell versus rent, the location, condition, and your pricing expectations. We work with buyers everyday that still don't see the "perfect" house for them. Our office still has properties that go under contract in days, so each home is unique. We would be happy to come out for a free market analysis and advise you on rent/sale potential. Cindy
0 votes Thank Flag Link Wed May 25, 2011
Depends on WHERE in Rock Hill, the price range and age. Are you covering your mortgage payment? Are you trying to keep a captial gains exemption or is this a rental?

Every time I look with Buyers in Rock HIll, especially newer homes located North & East Rock Hill, it is tough to find "bargains". If you want a "probable marketing price" for your specific property, we can take a closer look.
0 votes Thank Flag Link Tue May 24, 2011
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